BTC/USD Ranging Market
Updated
Personally I believe BTC will go sideways on an indefinite time. So here, I would like you to put an eye out for the range BTC making, also beware of fakeouts.
Here is my analysis on BTC:
1. BTC will go either up or down. If the daily manage to close around this size, is bad for the bull. The possibility of a bear taking over is getting higher. You could see from the 1D MACD and RSI, the bull is losing its strength and we are getting closer to the bear market.
2. I am waiting for a reversal signal from the bull. But if it doesn't come, short it is.
3. If BTC does give out a reversal signal, it would be a sweet ride to 12k again. Since there isn't much resistance in its way up.
And the move I would make is:
1. Not taking short, I would rather miss this chance than lose my money on a fakeout. I would only call short after there is confirmation we are switching to the bear market.
2. Waiting for a reversal signal than long, with the target set on 12k. We are still in the bull market, and as I mentioned at my previous analysis "The Bull is Resting" so we just need to find the best entry to ride the long.
Here is my analysis on BTC:
1. BTC will go either up or down. If the daily manage to close around this size, is bad for the bull. The possibility of a bear taking over is getting higher. You could see from the 1D MACD and RSI, the bull is losing its strength and we are getting closer to the bear market.
2. I am waiting for a reversal signal from the bull. But if it doesn't come, short it is.
3. If BTC does give out a reversal signal, it would be a sweet ride to 12k again. Since there isn't much resistance in its way up.
And the move I would make is:
1. Not taking short, I would rather miss this chance than lose my money on a fakeout. I would only call short after there is confirmation we are switching to the bear market.
2. Waiting for a reversal signal than long, with the target set on 12k. We are still in the bull market, and as I mentioned at my previous analysis "The Bull is Resting" so we just need to find the best entry to ride the long.
Note
Note
A small divergence appears between RSI and BTC downtrend. I expect a small upward movement coming
Note
Let's wait and see, how BTC playing
Note
My short got killed, now I am waiting if BTC could escape the red zone again
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